Going the Duplex Route
If you’re a first time home buyer, you’ve probably been considering options for a while. From everything to location, budget, and length of ownership, buying your first home is no easy task. During these brainstorming sessions, it’s likely that investing in a duplex has crossed your mind. You want to break free from the roommate situation but also have some of the monthly expenses covered, we understand.
Here are some reasons as to why many first time home buyers here in Central Oregon and other areas are choosing the duplex route over a traditional single family home:
- In a duplex, you may qualify for a larger mortgage. Lenders will consider the potential income from a rental unit.
You can build equity quicker and move up to your dream home in the future – quicker than you could by just renting.
If you are an owner-occupant, you may qualify for a low down payment.
- Rental income could cover half the monthly mortgage. You can enjoy a nice home with a low cost.
- You can write off expenses related to the rental portion of the duplex, like repairs and utilities, as tax deductions.
- It gives you real estate experience and teaches you how to be a landlord.
Considering a Duplex?
Let’s face it, a ‘dream home’ or your dream home is not a realistic feat with your first home. Rather a first home is a stepping-stone to greater things. A chance to get your homeownership feet wet. So if you’re not yet in the position to purchase your dream home and considering a duplex, it’s a great living option both for cost of living and gaining rental experience. Give our fantastic Central Oregon team a call if you’re ready to buy your first home.